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The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners in partnership with wealth intelligence firm New World Wealth. The report provides a comprehensive review of the wealthiest countries and cities in Africa and expert insights on economic mobility, the investment migration sector, and wealth management on the continent. Read the methodology and the press release.
The Africa Wealth Report is the definitive guide to Africa’s wealth and luxury sector, published annually by Henley & Partners — the global leader in residence and citizenship by investment — in partnership with wealth intelligence firm New World Wealth.
New World Wealth is currently the only known independent wealth research firm systematically tracking global wealth migration trends between countries and cities. The firm tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on those with over USD 30 million in listed company holdings. The database’s primary focus is on company founders (50%+ of the database) and individuals from high-value companies who hold the following positions: chairperson, CEO, president, director, and managing partner.
New World Wealth relies primarily on this database when assessing the city wealth breakdowns featured in this report. The firm uses various public sources to check city locations, including LinkedIn and other business portals. The data also takes into account prime property statistics — specifically, it considers the number of highly priced homes in each city or area.
Note: It should be noted that New World Wealth never gives out the names of the individuals in its database, which it uses purely for in-house statistical studies.
For the purposes of this report, ‘wealth’ refers to an individual’s liquid investable wealth, which only includes listed company holdings, cash holdings, and debt-free residential property holdings.
The terms ‘millionaires’ or ‘high-net-worth individuals’ (HNWIs) refer to individuals with liquid investable wealth of USD 1 million or more.
The term ‘centi-millionaires’ refers to individuals with liquid investable wealth of USD 100 million or more.
The term ‘billionaires’ refers to individuals with liquid investable wealth of USD 1 billion or more.
‘Millionaire growth’ refers to the rise or drop in the number of millionaires living in a country or city over a certain period, in percentage terms.
‘Wealth per capita’ refers to the average wealth of a person in a specific country. Read more
We consider wealth to be a far better measure of the financial health of an economy than GDP. The reasons for this include:
In many countries, a large portion of GDP flows to the government and therefore has little impact on private wealth creation.
GDP counts items multiple times. For instance, if someone is paid USD 100 for a product or a service and they then pay someone else that same USD 100 for another product or service, USD 200 will be added to the country’s GDP despite the fact that only USD 100 was produced at the outset.
GDP ignores the efficiency of a country’s banking sector and stock market in retaining wealth.
GDP largely overlooks the impact of property and stock market moves, yet these two factors clearly have a significant impact on wealth.
GDP is a relatively static measure that tends to move only slightly year on year. It also has a time lag.
Wealth figures, on the other hand, have none of these limitations, making them a far more accurate gauge of the true financial health of an economy than its GDP figures.
New World Wealth was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for over a decade. The firm has an impressive track record in providing robust, reliable wealth data and insights for key publications, such as Knight Frank’s Wealth Report, AfrAsia Bank’s Global Wealth Migration Review, and Henley & Partners’ Africa Wealth Report, BRICS Wealth Report, Centi-Millionaire Report, Crypto Wealth Report, USA Wealth Report, and World’s Wealthiest Cities Report as well as the Henley Private Wealth Migration Dashboard and the Henley Wealth and Sustainability Report. New World Wealth’s reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets such as the BBC, Bloomberg, CNN, Forbes, the New York Times, Robb Report, and the Telegraph.
For more information on New World Wealth, please visit newworldwealth.com
The exclusive passport power, global and economic mobility, and openness data for African countries is derived from the Henley Passport Index, the Henley Openness Index, and the Henley Passport Power Index and includes World Bank GDP and population figures.
The data for Africa’s Top 20 Passports is derived from the Henley Passport Index, which is the original, authoritative ranking of 199 world passports, assessing the travel freedom granted to citizens based on the number of destinations accessible without a prior visa. The complete methodology is available here.
The data for Africa’s Top 20 Passports on the Henley Openness Index is derived from the Henley Openness Index, which is the authoritative ranking of 199 countries/territories worldwide according to the number of nationalities each allows to cross its borders without a prior visa. This index offers valuable insights into a country’s global openness and its capacity to attract international visitors for both tourism and trade. The complete methodology is detailed here.
The data for Africa’s Top 20 Passports on the Henley Passport Power Index is derived from the Henley Passport Power Index, which evaluates countries based on the percentage of global GDP to which their passport holders have visa-free access. The maximum score is 100, signifying unrestricted access to 100% of global GDP. The complete methodology is available here.
The data for quantifying opportunity in 11 African countries applies the methodology for the Henley Opportunity Index, which quantifies the enormous impact that world-class education combined with expanded access and privileges through investment migration can have in preserving multi-generational wealth.
The Henley Opportunity Index evaluates 15 investment migration countries across six parameters, including education, earning potential, career advancement, employment prospects, economic mobility, and high livability. This provides a benchmark for investors to compare and identify locations that offer the best ecosystems for future generations to maximize their career prospects and prosperity. The complete methodology for the Henley Opportunity Index is available here. The dataset for the 11 countries presented in the Africa Wealth Report 2024 was collected between 20 and 28 March 2024 from publicly available open databases for the most recent year available, using the same sources as the Henley Opportunity Index as well as the following additional data sources gathered for the Earnings potential parameter: allAfrica, Danish Trade Union Development Agency, International Labour Organization, SalaryExplorer, Statista
© 2024 Henley & Partners. All rights reserved. The H&P monogram and Henley & Partners logo and related brand assets are the exclusively owned or licensed trademarks, service marks, and logos of Henley & Partners. All other trademarks, service marks, and logos used in this report are the trademarks, service marks, and logos of their respective owners. No part of this report may be reproduced in any form or by any means without the prior written permission of Henley & Partners. Although the material contained in this report was prepared based on information from public and private sources that Henley & Partners believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Henley & Partners expressly disclaims any liability for the accuracy and completeness of information contained herein.
This report is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. It should not form the basis of any decision. The information contained in this report is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service. Henley & Partners is not responsible for the content of websites and information resources that may be referenced in this report. The information contained in this report is believed to be accurate as of the date of publication, but is subject to change without notice. Henley & Partners does not have any obligation to provide revisions in the event of changed circumstances. Henley & Partners and its affiliates, employees, and agents shall not be liable for any liability or loss whatsoever, including but not limited to direct, indirect, special, incidental, or consequential damages, arising out of or in connection with the use or reliance on the information contained in this report. The information in this report is provided “as is” and Henley & Partners makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained in this report for any purpose.
The Africa Wealth Report 2024 was published on 16 April 2024.
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